Daily Chart
Crude oil has been in a downtrend for second day, trading at 105.61; this time below the 6/8 (red line), which is considered a strong point of reverse, according to the theory of Murrey, and below the first daily resistance. And that was the result of investors worried about a possible reduction of monetary stimulus from the Federal Reserve on the economy and crude supply reports expected. Therefore, we can expect an even steeper fall today and tomorrow, according to Murrey lines, in this time frame could be extended to 103.13, where the line is located 5/8, it would become an important support.
4-Hour Chart
The 4H chart can also at this time that crude oil is on the basis of its trading range set in line 3/8 (green line) and may reverse to 106.25, where there is the line 4/8 (blue line), which now becomes a major resistance area, and then continues its downtrend to 104.69 first line where 2/8 (red line) considered as an important point of reverse.
